The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1887-03-10
George N. Gilmer, of Lownds County,


few years ago bought 120 acres Of Gov.
ernment land on Red Mountain, over.
looking Birmingham; he paid $3.50 an
acre for it. In November, 1885, he
wanted to sell out the entire tract for
$4,000 and offered Montgomery lawyer
81, 900 commission to find q purchaser at
that price. The lawyer couldn't do it,
and Mr.. Gilmer perforco held on. Now
| it has market value estimated at from
100000 to 100000. Mr.. Gilmer still
owns it all save a small portion he let 60
lately at $4,000 an acre.
Josiah Morris, of Montgomery, was
obliged to take aquantity of Birmingham
land for debt Of $4,000 in 1885, and
everybody thought he had a bad bargain,
and repeated offers to sell at what it cost
failed to find purchaser. Last fall
he sold out at $4,000. and recently the
new owner refused S75, 900 for it.
Three.young lawyers got an option on
200 acres of land mile or two out of
town at 81 900 an acre, organized land
company, made out a map cutting up
the tract into building lots, and ssld out
for s450,O0O before they were obliged to
pay down single penny of the original
purchase money.
1t would be easy to 60 on multiplying
instances of this sort till not line of
space in the New York Times was LETT to
let further. description in. The Elyton
Land Company, as I have heretofore
explained, paid s25 an acre for all the
land that is within Birmingham's limits.
It is indicative of the upward movement
to cite the fact that the last land sold by
the company in the towns centre went
at the rate of $4,000 au acre. The
Alabama Great Southern Railroad was
offered land as gift for its shops in the
early days of Birmingham and failed to
take possession. The same land is mar
ketable for S50O,0OO now. I have seen
given the names of score of men who
came here poor a half dozen years ago
who are are now reputed to be worth
fortunes of s10,0oO,O00 each, all made
out of Birmingham real estate. There is
social organization here called the
Alabama Club, with membership :of
$50 young men; q man with q lead
pencil and genius for statistics calcula.
ted for me yesterday that each of the
$50 members was worth, on an average,
at least $4,000, all made out of real
estate buying and selling. Boys who
cannot raise mustache can raise $685.
600. Business building lots range from
$500 to $1,000 per front foot all over town.
Residence lots are valued from $4,000 to
$4,000 with 25 feet front in the less dc.
sirable parts of the town; in the "resi.
dence district" borrow local
descriptive phrase-s4OO or 5000 front
foot is not considered in any sense
excessive.
But there ia after all-and I do not
know why there should be any need for
Disgusting it-a vast deal Of humbuggery
in all this rampant Juror of speculation.
Do not, dear Northern reader of conserV-
alive ideas, do not deceive yourself into
the supposition that when a man talks
about s., 900 or 100000 down in this
burg that he necessarily means that much
cash OF any other certain amount of CASH
He means nothing of the sort. It would
be an overestimate, indeed, to claim that
as much as 10 per cent. is paid on the
average. Against the land that origi-
nally cost 100000 the Elyton Land
Company to-day holds s5,00o,oOO of
mortgages. Notes pay for land. Men
with no substantial collateral whatever
give their notes and have them accepted
here for fabulous sums. John buys lot
with s1OO cash and his note for 5000.
BE sells to Joe for 5000 cash and notes
for 81 300, scoops in the 500 cash profit,
and figures out that bis real profit is $500
Andrew comes along, takes the property,
pays in the same way, and 30 the merry.
go.round makes everybody happy and
rich. But, ah, what future there is
here for the lawyer. Birminghsm's real
estate transactions could stop right here
aud there would be litigation enough
ahead to last century through, SO tan.
gled are titles here already. Cash value
is myth. Only the greenhorn pays out
dollars when he knows the market value
of the promissory note. The whirlwind
cometh sure; we won't have to wait long
for it; mark that prediction. Men buy
and sell land of whose location and ap.
pearance they have not the faintest idea.
And far over on the mountains outside
of the city limits, three, four, six, even a
dozen miles from town, the "boomers"
have marked up "values" till there is
nothing akin to anything but shame in
it. Away out in the woods, where ma.
tives are still hunting bear and deer and
shooting wild geese, tame geese are Sin.
vestipg" in building lots-"choice sites"
as the poetical prospectus names them.
have learned of very many instances of
where farmers have mortgaged their
farms, where merchants in neighboring
towns have quit business, and (by scores
on scores) where clerks and young men
managing plantations have run away
from this legitimate business to come
here and take part in the hurly.burly
speculation that has the promise, they
imagine, of panning out millions for
every. sixpence invested. And in every
instance, according to the local chronicle,
has been fruitful so far of handsome
| profits.